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Michael Ashbaugh

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April 17, 2020, 12:15 p.m. EDT

Charting a bull-bear battleground, S&P 500 back for second crack at key resistance

Focus: Charting an uneven U.S. sector backdrop, Pockets of individual relative strength persist, SMH, XLV, XLB, XLF, VEEV, AMT, COUP

By Michael Ashbaugh, MarketWatch

U.S. stocks are firmly higher early Friday, rising amid optimism over guidance for reopening the U.S. economy.

Against this backdrop, the S&P 500 has nailed its 50-day moving average, currently 2,862, a level roughly matching major resistance (2,855). This area marks a major bull-bear inflection point — initially detailed April 9 — and the weekly close will likely add color.

Link to MarketWatch's Slice.